New research has established a price tag on death. Economists say balancing the pain of loss with the right amount of money could lead to more rational court awards. – Scientific American.com
Monetary awards are typically given to ease suffering but with little guidance to jurors on how much is appropriate for the survivors. In an embarrassingly American mindset, this study is based on how much money it would take to make someone happy after experiencing a loss.
The goal is to provide juries a guideline for assigning damages after a death.
Under these guidelines, this is how much money will make you happy again:
Spouse = $220,000
Sibling = $2,000
Child = $180,000
Friend = $16,000
The intent might be noble (just awards, etc.) but the fallout could be disastrous. If this becomes a norm for assigning damages, it could lead to significant hiring discrimination. In any of the more dangerous professions is becomes economically efficient to hire only single people with few friends. I guess hiring someone with many siblings would be okay, but the loner types are the ones that a company can afford to pay damages in case of a loss.